Invoicing Rules have been set under GST which covers the details that should be written on the invoice including supplier’s name, shipping and billing address, place of supply, rate and HSN code. Lets talk all about invoicing under GST in this article.
Time limit for invoicing under GST
The GST law has defined the time limit under which one has to issue GST tax invoices, Debit and Credit notes and revised bills, have a look at the due dates for issuance of invoice under GST:
– In case of supply of goods the invoice should be raised on or before the date of removal/delivery of goods.
– In case of continues supply of goods the invoice should be raised on or before the date of issue of account statement/payment.
– In case of supply of services the invoice should be raised within 30 days of supply of services.
– In case of Banking and NBFC services the invoice should be raised within 45 days of supply of services.
Revise invoice under pre-gst regime
A taxable person can issue revised invoice under GST within one month from issuance of certificate of registration under GST. The revised invoice will be issued for the already issued invoices during the period of effective date of registration and date of issuance of registration certificate.
Bill of supply under GST
In case of tax invoice a taxable person is allowed to charge GST and pass on the credit, but in the instances where the supplier is not allowed to charge any tax and hence cannot issue a tax invoice, in that case another document called bill of supply is issued.
Aggregate invoice under GST
Where in case of value of supply is less than rs. 200 and the recipient is unregistered dealer, an aggregate invoice on daily basis can be issued.
Debit note
A supplier issues a debit note in either of the following situations:
– Where the taxable value in the original tax invoice issued is less than the actual taxable value.
– Where the tax charged in the original tax invoice issued is less than the actual tax to be paid.
Credit note
A Supplier issues a credit note in either of the following situations :
– Where the taxable value in the original tax invoice issued is more than the actual taxable value.
– Where the tax charged in the original tax invoice issued is more than the actual tax to be paid.
– where the receipient of goods returns to the supplier
– where the services rendered are found to be deficient
Now have a look at the mandatory fields that should be present in an GST compliant invoice:
1. Invoice number
2. Date of invoice
3. Shipping address as well as billing address
4. Taxpayers and the recievers GSTIN
5. Pleace of Supply
6. HSN/SAC code
7. Taxable Value
8. Rate and amount of SGST/CGST/IGST
9. Details of items, description, unit price and quantity.
What are the types of invoices under GST ?
Have a look at the all different types of invoices under GSt
– Sale Invoice
– Purchase Invoice
– Bill of Supply
– Credit notes
– Debit notes
– Advance receipts
– Refund Vouchers
– Delivery Challans (Only in case of supply on approval, supply of liquid gas, job work and other)